Taxability of cg (house property) in the hands of nri
This query is : Resolved
Budharaju sriram
(Querist)
07 August 2015
Suppose If an NRI buys a house property in India using Foreign Currency and Subsequently sells it after 5 years from the date of Acquisition and converts the entire Capital gain in to his Home currency and takes it home without investing it. What will be the tax liability in this situation ???
Amol S Joglekar
(Expert)
07 August 2015
The long term capital gain arising out of sale of the said property is taxable in India.
The assessee has the choice to go by the regular section 45 and 48, claiming the INDEXATION else, go by section 112. The choice is with the assessee.
While taking the money out of India..: The Govt has become liberal unlike pre 1992 era where REPATRIATION of funds was a major issue concerning the SPECIAL permission from RBI.
The assessee has the choice to go by the regular section 45 and 48, claiming the INDEXATION else, go by section 112. The choice is with the assessee.
While taking the money out of India..: The Govt has become liberal unlike pre 1992 era where REPATRIATION of funds was a major issue concerning the SPECIAL permission from RBI.
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